In Ohio, a huge train carrying toxic chemicals derailed, sending noxious substances into the air and water. So Ohio governor Mike DeWine took to the podium and declared that “Congressional action” is necessary to prevent future rail disasters. Joining the chorus is
If managements are encouraged by stockholders to go for the maximum profits in a short time frame, then it does encourage them to reduce their spending on items such as safety trusting that they will be somewhere else when the chickens finally come home to roost.
Regulators create a dangerous sense of false security. Why? Because they can't think of everything - they DON'T account for everything - they can't. But so long as the railroad (airline, etc) is "safely" within the governing regulations, they don't even worry about what else can possibly go wrong - and where. Why? Not their job, not their worry - the regulators have relieved them of that burden. So long as you are operating "according to the rules" why worry? Better, smarter people (with zero skin n the game) have already thought of everything. This is ultimately what's behind all of these disasters.
If managements are encouraged by stockholders to go for the maximum profits in a short time frame, then it does encourage them to reduce their spending on items such as safety trusting that they will be somewhere else when the chickens finally come home to roost.
My Dad always this word: hornswoggled, thanks.
We need revive the concept of “cooperative federalism.”
Regulators create a dangerous sense of false security. Why? Because they can't think of everything - they DON'T account for everything - they can't. But so long as the railroad (airline, etc) is "safely" within the governing regulations, they don't even worry about what else can possibly go wrong - and where. Why? Not their job, not their worry - the regulators have relieved them of that burden. So long as you are operating "according to the rules" why worry? Better, smarter people (with zero skin n the game) have already thought of everything. This is ultimately what's behind all of these disasters.